Scoda Tubes Ltd(SCODATUBES)

NSE: SCODATUBESBSE: 544411

₹ 107.8-1.96%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 646 crWebsite: www.scodatubes.comUpdated: 24 Oct 2026

About

Scoda Tubes Ltd makes stainless steel seamless and welded pipes and tubes. Its registered office is in Village Rajpur, Taluka Kadi, District Mehsana, Gujarat. Revenue from operations was 518.65 (INR crore) in FY26. Exports made up 34.6% of revenue in FY26 and 46.6% in Q1 FY27.^[1][2][3][4]

Manufacturing capacity

Seamless production capacity was 20,068 MTPA after the added capacity went live in December 2025, up from about 10,068 MTPA.^[5]
Total production capacity was 21,000 MTPA in FY26. Welded capacity was 1,020 MTPA as of Q3 FY26.^[3][5]
Total land is 74,699 sq. mts., of which 37,156 sq. mts. was developed as of Q3 FY26. Another 30,064 sq. mts. is reserved for welded products.^[5]
Mother hollow was 70% captive as of Q4 FY26. The target for being fully captive was moved to FY28, after the earlier Q1 FY26 target was missed.^[3]
Registered office: Ahmedabad-Mehsana Highway, Village Rajpur, Taluka Kadi, District Mehsana, Gujarat.^[1]

Key operating numbers

Order book was INR 175 crores in Q4 FY26, compared with INR194 crores in Q2 FY26 (INR104 crores exports, INR90 crores domestic).^[3][6]
Utilisation targets for FY27 are 70% for seamless and 25% for welded installed capacity.^[3]
Debtor days were 97 days in Q1 FY27, compared with 76 days in FY25.^[4]
Cash conversion cycle was 211 days in Q1 FY27, compared with 164 in FY25.^[4]
Inventory days were 217 days in FY26. The FY27 target is 160-170 days.^[3]
A plant shutdown of about 15-17 days in March 2026, caused by a disruption in PNG gas supply, cut Q4 FY26 output.^[3]

Customers and export markets

Exports were 46.6% of revenue in Q1 FY27, up from 32.8% in Q1 FY26. Export revenue was 57.9 cr in Q1 FY27, up 81.5% YoY.^[4]
Export revenue was INR 179.5 crores in FY26, or 34.6% of revenue, compared with 26.6% the year before.^[3]
Italy, Germany and the US were the top export markets in Q3 FY26.^[5]
Oil & gas made up about 30-40% of revenue (Q2 FY26). Management named BHEL, NTPC and Adani renewables as power-sector demand drivers.^[6]
The company won a $1 million order from a US water purification client in Q2 FY26.^[6]
Stated target revenue mix is 40% exports and 60% domestic as capacity scales up (Q4 FY26).^[3]

Expansion and capex

Welded expansion was on plan as of Q1 FY27, with commissioning due in H2 FY27. Equipment from China was expected in July-August 2026, with trial runs by end-Q2 FY27.^[4][3]
An additional 8,000 MTPA welded line costing about INR40 crores is to bring total welded capacity to 21,150 MTPA by H1 FY28.^[3]
Capex was INR 110 crores in FY26. About INR 100 crores more is planned for FY27.^[3]
An 8.79 MW DC solar project across the seamless and welded facilities is to cost INR 31.7 crores. It is expected to generate 137 lakh KWH and save INR 8.63 crores a year.^[3]
Each captive solar plant is 3.9 MW AC / 4.99 MW DC, with expected generation of 7.74 million kWh and savings of ₹4.87 crores a year (Q1 FY27).^[4]

Certifications and new markets

The company applied for Bureau Veritas Marine (France) and Rina Marine (Italy) approvals to serve marine and shipbuilding markets (Q3 FY26).^[5]
Rina Marine accreditation was at its final stage as of the Q4 FY26 call.^[3]
Data centre orders are expected to materialise by Q4 FY27 as welded production ramps up (Q4 FY26 call).^[3]

Recent developments

In Q2 FY26, the company acquired Arvind sp. z o.o., a Poland-based trading firm with more than 20 years of European distribution experience.^[6]
A planned investment in a European entity was withdrawn (Q4 FY26), citing remittance and compliance hurdles and higher EU safeguard duty (from 25% to 50%).^[3]
The FY26 AGM sought to raise the borrowing limit under s.180(1)(c) and the s.186 loans and investments limit to Rs 1000 crores each.^[1]
Basic salary cap for promoter executive directors was raised to Rs 8.00 Mn a year each, effective November 5, 2025.^[1]
Peak debt is expected at about INR 250 crores in FY27 (Q4 FY26 call).^[3]

Industry demand

Domestic stainless steel pipe and tube demand is expected to grow at a 6-8% CAGR to 0.45-0.47 million tonnes by FY29 (FY25 annual report).^[7]
Global stainless steel pipe and tube demand is expected to grow at a 3-4% CAGR to 3.65-3.75 million tonnes by 2028.^[7]

Market Cap

₹646 Cr

High / Low

₹181 / 105

Stock P/E

17.4

Price / Book

1.6

Book Value

₹65

EPS

₹6.5

No. of Shares

5.99 Cr

ROCE

16.5%

ROE

14.4%

OPM

14.7%

Debt / Equity

0.47

Sales

₹519 Cr

Net Profit

₹39 Cr

Promoter holding

66.4%

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